A secret audio recording exists of the argument that sparked the fatal shooting of rapper Busta Rhymes' bodyguard - apparently capturing the voice of the suspected k!ller who is believed to have called Rhymes a "bi*ch."

The recording could prove to be an explosive piece of evidence as cops hunt for the man who shot Israel Ramirez on Feb. 5 in Brooklyn, just feet from some of the biggest names in hip hop, including 50 Cent, DMX and Mary J. Blige.

A transcript of the recording, a portion of which the Daily News has reviewed, appears to confirm that Tony Yayo, a member of 50 Cent's posse, was a central figure in the argument leading up to the shooting.

A source familiar with the 53-minute recording believes the f!ght erupted when members of G-Unit were excluded from an onstage lineup of hip hop greats at the Brooklyn studio.

Rhymes and other witnesses to the shooting have stonewalled cops.

At the same time, the audio recording is being shopped to media outlets with a price tag of $50,000. No one has given the recording to cops or prosecutors.

"I hope the person who has this tape or video would cooperate with authorities, especially if it provides evidence in this case," said Jerry Schmetterer, spokesman for the Brooklyn district attorney.

Police Commissioner Raymond Kelly has leveled harsh criticism at numerous witnesses who have failed to cooperate with cops, including Rhymes.

An NYPD spokesman said yesterday the owner of the recording should come forward.

"It's totally irresponsible of this person to withhold what could be a vital piece of evidence in an active homicide investigation," the spokesman said.

No one has been charged with the slaying of Ramirez, a 29-year-old father of three.

On the audio recording, the source said, Rhymes appears to be playing peacemaker during an argument that breaks out amid the taping of the video for his song "Touch It (Remix)."

The voice of a third man, whose identity is not clear, is believed to be the shooter.

That man is heard on the recording calling another man, apparently Rhymes, a bi*ch, according to the transcript.

Because the argument moved outside the studio, the gunshots that k!lled Ramirez cannot be heard on the recording, the source said. But the mayhem of the immediate aftermath is captured.

"You can hear screaming and the chaos and the 911 call," the source said.

A grand jury could be used to compel witnesses who have clammed up to either talk or face contempt charges.

Yo be easy , somebody just died son , someone lost a father / wife and son. Yo this kid died over stupid sh*t. it ain't about snitchin' it's about catch that dumb mothefu*ker who shot the wrong person, that ain't gangsta, that's dumbsta. No hate!!

fu*k that, Ive had one of my homeys die in my arms, and the punk a.ss cops got to the bi*ch a.ss muthafu*ka that did it because somebody snitched. Man fu*k the police, what are they going to do, lock em up for 10 years, while your homey is laying 6ft under. fu*k that, stop snitching and take to the street. Thats IF you want justice.

man that's bullsh*t, the guy gave his fu*kin life for Busta.
Busta needs to stop acting like a bi*ch and tell the cops who did it so they can put this idiot behind bars.
This is real life not some Godfather movie. Dude died and now his kids are going to grow up without a father. So who cares about snitching? grow the fu*k up...

fu*k that, Ive had one of my homeys die in my arms, and the punk a.ss cops got to the bi*ch a.ss muthafu*ka that did it because somebody snitched. Man fu*k the police, what are they going to do, lock em up for 10 years, while your homey is laying 6ft under. fu*k that, stop snitching and take to the street. Thats IF you want justice.

Funny how people try and make an excuse for snitchen...dont matter if someone died or not man! was ita big surprse he was gonna die one day ...no jsut happened to be that day..........When he had kids did he know he was gonna one day leave them..yes, just happened to be that day....You never know when your gonna go God makes that decision, it wasnt whoever shot the man that k!lled him, If u believe in the Bible you know when its time to go , its time to go ....but anyway DONT TALK TO POLICE.....being a taddle tale is worse than being gay

Funny how people try and make an excuse for snitchen...dont matter if someone died or not man! was ita big surprse he was gonna die one day ...no jsut happened to be that day..........When he had kids did he know he was gonna one day leave them..yes, just happened to be that day....You never know when your gonna go God makes that decision, it wasnt whoever shot the man that k!lled him, If u believe in the Bible you know when its time to go , its time to go ....but anyway DONT TALK TO POLICE.....being a taddle tale is worse than being gay

He don't have to tell the cops sh*t. That was ramirez's job to protect busta with his own life, and busta was paying him for it. So, he really dont owe the man sh*t. He said he would take care of his fam the best he could, but snitching aint gon help nothing, especially if they was gunning for him. Then if he gets someone to off the person who tried to k!ll him, he is immediately implicated in that murder. Get yall heads straight.

fu*k that, Ive had one of my homeys die in my arms, and the punk a.ss cops got to the bi*ch a.ss muthafu*ka that did it because somebody snitched. Man fu*k the police, what are they going to do, lock em up for 10 years, while your homey is laying 6ft under. fu*k that, stop snitching and take to the street. Thats IF you want justice.

man that's bullsh*t, the guy gave his fu*kin life for Busta.
Busta needs to stop acting like a bi*ch and tell the cops who did it so they can put this idiot behind bars.
This is real life not some Godfather movie. Dude died and now his kids are going to grow up without a father. So who cares about snitching? grow the fu*k up...